Taifauti Business Solutions

We craft systems to run and manage your business operations.

INVENTORY MANAGEMENT
After purchasing your stock, you have to manage it efficiently in order to keep all products safe and easy to locate in your store.

In a scenario where you manage more than one store, you need to have some rules about the movement of products from store to store. In these rules, you define the main store (this is where products are delivered by your supplier), subsequent stores and the products that can be stored in each of the stores.

Your main store receives stock from your suppliers, and replenishes other stores. These other stores act as outlets for customers to buy or pick up products they’ve bought.

In your stores, ‘Receipts’ help you manage the way stock enters your store (from suppliers), while ‘Delivery Orders’ help you manage how stock leaves your store (to your customers).

With good replenishment rules, your business operations run uninterrupted. You also get to reduce the frequency of purchasing stock.

A Few Factors To Consider When Coming Up With Your Replenishment Rules:
- How fast the product sells
- How long it takes to get a new shipment of the product from your supplier.
- Shipping costs, landed costs & taxes.
- Your store capacity.

With good replenishment rules, your new stock should arrive and get received into your stock before you old stock is sold out, but the old stock should be nearly sold out.

Reports:
Your system should allow you the flexibility to get various types of reports to help you get deeper insight into your business.
You may have a report for fast moving goods, slow moving goods, goods that haven’t been purchased or sold in a given amount of time, etc.

In the next post, we explore SALES. We will look into both cash and credit sales, and how best to manage and follow up.

Talk to us for your tailored solution on 0701378573

RETAIL MANAGEMENT SERIES
In this series, we will delve into how you can manage your business efficiently. We will start with managing how you purchase stock, and store it in your inventory. Then we will get into the different modes of selling: Cash Sale (PoS), Credit Sales and E-commerce.
We will also talk about accounting and generating various reports.

PURCHASE MANAGEMENT.

To ensure your business runs smoothly, you have to ensure that you do not run out of stock. Managing your stock efficiently ensures that you do not overstock or understock.
To make your stock purchasing process easy, you can store your suppliers in the currency they sell in, and have a conversion factor in the system, that converts to local currency based on the current conversion rate.
When creating your products, you indicate the maximum and minimum stock you can keep for a product. Your system should then generate purchase orders automatically whenever the minimum stock is reached. In the event that a purchase order had already been generated, it is updated to reflect the current state of the store.

In order to ensure that you cost your products correctly, you can have shipping and landed costs added to your products as part of cost. You can also indicate a percentage profit and the system generates a price for you.

In the next post, we will delve into Inventory Management.

When you integrate all your business operations, you can use your data to manage your stock effectively.
You can combine your knowledge of how long it takes to replenish your stock, with data of how fast the stock sells, to decide the best way to buy and stock. You can also use this data to plan your expansion strategy and optimise your business.

A fully integrated system should help you see through your business, from acquiring your stock (either purchasing or manufacturing), storing it efficiently and easily dispatching to your customers.
It should also help you see through your accounts upon your demand through different forms of reports and charts. These reports also help you understand your customers, what they like buying from you, when they buy and more data as you refine it.

Talk to us for your tailored solution on 0701378573